‘I’m Frustrated’ — Businesswoman Laments Soaring Lagos Rent

A Lagos-based businesswoman, Laura Ikeji, has expressed frustration over what she described as an outrageous increase in commercial rent in Lagos State.

Ikeji revealed that the rent for her two stores, which previously stood at N7 million, has now surged to over N50 million, raising concerns about the rising cost of doing business in the state.
“I’m frustrated. The rent for my two stores was N7m, now it’s over N50m”

Speaking on the development, she lamented the financial strain such increments place on entrepreneurs, particularly small and medium-scale business owners who are already grappling with economic challenges.

She noted that the steep hike in rent could force many business owners to shut down operations, relocate, or significantly increase the prices of goods and services to stay afloat.

The businesswoman called attention to the broader implications of escalating property costs in Lagos, warning that unchecked increases could discourage investment and stifle business growth.

Her comments have since sparked conversations among entrepreneurs and residents about the rising cost of commercial spaces in key business districts across the state.

@imbalo44 said “You guys keep complaining about store rent, but nobody’s talking about Lagos State tax on buildings. Most people won’t be able to afford a home under this administration. A bag of cement is 11k, and it’s made in Nigeria. If the government allows the importation of cement into the country, you can sell it cheaper than Dangote, for about 4k per bag.”

Another user @ebonii commented that “You learn a craft successfully and to set up a good business is hard my nail boss owns a small studio, she was asked to leave recently and every shop she has seen on the mainland starts from 600k upwards minus agreement and commission (& how much would she charge customers if she is paying that amount as rent

@dark girl said “I closed down my restaurant in January,l was paying 3m and it’s not even coming back, and then boom they will increase the rent. I lost money”

Ikeji’s remarks add to ongoing debates about the need for policies that balance property owners’ interests with the survival and growth of businesses in Nigeria’s commercial capital.